XRP is experiencing significant price growth due to active purchases by large holders known as whales. They have acquired 2.2 billion XRP over the past two weeks, greatly impacting the market.
XRP Price Growth Dynamics
As of press time, XRP reached $3.16, recording an 8% increase over the last 24 hours and a 29% gain over the past week. Trading volume over the past 24 hours was reported at $8.84 billion. Analysts attribute this growth to significant buying activity from large holders. According to renowned analyst Ali Martinez, whales have purchased 2.2 billion XRP in the last two weeks, which is valued at over $6.6 billion.
Analytical Review of Possible Breakout
Analysts are noting that XRP is approaching a key price level. Galaxy highlighted that the cryptocurrency is on the verge of entering 'price discovery' territory. The last time XRP experienced this was in 2017. Technical charts suggest XRP is testing its previous all-time high range between $3.30 and $3.35. A monthly close above this range is seen as significant for potential gains ahead. Ali Martinez also mentioned that a weekly close above $3 could push XRP towards $4.80.
Increase in Open Interest and ETF News
Data from CoinGlass shows open interest in XRP perpetual futures has reached $9.25 billion, reflecting a 15% increase in the last 24 hours. A significant development occurred with the SEC approving the ProShares Ultra XRP ETF, which will trade under the ticker UXPR, offering investors double the daily performance of XRP.
The situation in the XRP market indicates active accumulation by large investors, which may lead to further price increases. Analysts expect that successfully breaking through key price levels could open new prospects for the cryptocurrency.
